Gold Tops $4,600 After Government Bond Buyback Boost

Gold reached $4,601.29 on August 21, 2026, beating HSBC's forecast of $4,560. The bank had lowered it from $4,864, expecting higher-for-longer interest rates. The real driver: the Treasury doubled its purchases of long-term government bonds on August 19, pushing the 30-year bond yield from 5.34% down toward 5.2% — all without the Fed cutting rates.